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Are you looking at how to make money with reselling in your free time?
Reselling is a great way to earn some extra cash especially if you don’t have a lot of money to start. This is the perfect side hustle whether you’re looking for some quick cash or you are looking into turning reselling into a full-time business.
Reselling can be a very lucrative business venture. Some people are using it to pay for gas, groceries or even their mortgages just by flipping items!
But with any new venture, there is a learning curve. Before you head out and start spending money on items that may not sell, you’ll want to read this blog post in it’s entirety. In this post, I’ll share what reselling is, how you can get started reselling, pricing your items and things to consider when starting a reselling business.
If you want other ideas on how to make money online, feel free to check out my blog post on how to Make Money Online: 6 Amazing Business Ideas.
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What Is Reselling And How Do You Make Money From It?
So maybe you’ve heard of the term “reselling” but what exactly is it?
Reselling is pretty simple actually. It’s simply purchasing products at a low price and selling them for a higher price so you make a profit.
Resellers can operate in a variety of niches. Niches can including fashion, electronics, home goods, and more. I do recommend just selling in one or two niches. This will save you time looking for items and you can be more knowledgeable about what you are selling so you can make a higher profit.
Where To Find Items To Resell To Make Money
Whether you’re shopping at thrift stores or checking out yard sales, there are plenty of places to find items to resell. Below I will go over some great places to find items so you can get started making money with reselling.
Your Home
Your home is the perfect place to find items to resell and this is why it’s at the top of the list. It’s a great place to turn your unwanted items into a profit. You can then reinvest your profits to purchase more items to resell.
I have made thousands of extra dollars while decluttering my home. You may be surprised to find how much stuff in your house is collecting dust. I’m sure if you walk around your house you can find things that you no longer need or use. There may even some brand new items that you have never opened that would sell for top dollar.
The best part is, you don’t need any money to start because the money has already been spent.
Thrift Stores
Thrift stores are one of the most popular places to find items to resell. Places like Goodwill and The Salvation Army take items that are donated to them and sell at low prices. Some thrift stores also have certain days where their stock is discounted so more profit for you.
You can find some amazing items that you can purchase for less than a few dollars and resell them for $20+. It does require you to know what you are looking at and sort through dozens, if not hundreds of items.
Some thrift stores, like Goodwill, have an outlet stores. This is the last stop for items that have been sitting in their store for a while. Outlet stores are where you can purchase your items by the pound for a very low cost. While it may not seem like a great place to find items to resell, it can be a goldmine if you know what you’re looking at.
Yard Sales, Estate Sales and Flea Markets
Yard sales, estate sales and flea markets are great places to find items to resell.
People who are hosting these are looking to get rid of as much as possible so you can negotiate and get the best purchase price possible. These are great places to find unused and high-quality items at very low prices.
You can also find some valuable items to resell for a larger profit margin like antiques, collectibles and vintage items.
Online Marketplaces Facebook Marketplace
You can find a lot of items to resell on online marketplaces like Facebook Marketplace and OfferUp. There are many items you can find that are free. People just want to get rid of stuff and you can sell it for a profit without putting any money in it. One person’s trash is another person’s treasure…or in your case, profit!
Clearance Sections of big box stores like Walmart and Target
Big box stores like Walmart and Target have clearance sections where you can find items to resell. Usually these are items that they have too much of or they are discontinuing.
When items are discontinued, there are still people who are loving the product and want to continue to purchase it. These people go to places like eBay and will pay a higher price to be able to get it. I have had to purchase a 6 pack of my husband’s favorite body wash at a premium price off of eBay because he didn’t want to go without it.
How To Figure Out What To Purchase
Let’s start off with market research. Market research is the most important part of reselling. You do want to make sure you are able to purchase your items at the lowest cost possible and selling it for the highest possible price.
While you are looking at items to purchase, do your research. You can look up what items on websites like eBay, Poshmark and Mercari. Be sure to filter your search for sold items and don’t just go off of the price that people have listed their items for. This will give you an idea of what price range you can sell your items for.
You also want to identify high-quality items that are in good condition. Check for any defects, stains, or tears. Also, look for items made of high-quality materials or items that are trending for reselling. These items will sell for a higher price and are more likely to be in demand.
Where You Can Resell Your Items
Once you have found some profitable items to resell, it’s time to start listing them for sale so you can make some money.
You’ll first want to choose the right platform to sell the items on. There are many platforms available for reselling items. Some of the bigger ones include eBay, Poshmark and Mercari. These platforms already have a national or worldwide customer base searching for items daily.
You’ll want to research each platform and choose the one that is best for the items you are selling. Some things to consider is what items sell best on each platform the commission that they take and the process of shipping your items.
How To Price Your Items To Resell
Pricing your items is very important because you want to make sure that you are making a profit after your cost. There are many factors to consider when pricing your items.
Cost of Goods (COG) – This is the actual price that you have purchased your item for.
Packaging – You will need to have packaging so you can ship out items to your customers. You can either purchase packaging supplies in bulk from eBay or you can use free shipping supplies from USPS.com if you are using Priority Mail.
Your time – This is the time you took to find the item, any cleaning you needed to do, your time to list and your time to take your items to the post office.
Listing fee – Every platform has different fees associated with listing products. Be sure to check out the fees associated with the platform you chose so there are no surprises when the item sells.
Shipping – Decide whether you will be charging the customer shipping or if you will be offering free shipping. If you are offering free shipping then you will want to add the shipping cost into your sale price so you are not losing any money.
Taxes – Since you are making money, the tax man wants his share. Be sure so set aside money for taxes after your items sell. I don’t give tax advice so do your research or consult a tax advisor for your specific situation.
Reselling Your Items To Make Money
Once you have your items to resell and you have found the platform that you want, it is time to list your items.
When listing your items you will want to do the following:
Price your items: You have already researched the prices of similar items on your chosen selling platform so you already know the price range you want to list your items at. You do want to make sure to price your items competitively so they sell as quickly as possible but also high enough to make you a profit.
Write detailed and accurate product descriptions: When creating a product listing, make sure to write a detailed and accurate description of the items. Include any defects or damage and be honest about the item’s condition. You want to make sure the customer knows what they are getting. If they receive their item and there is a defect that they weren’t expecting then you will receive negative feedback and they may even want to return the item.
Take high-quality photos of your items: Taking high quality photos can make or break your sale. Take clear and bright photos of your items with a clean background. Make sure to take pictures from all angles and be sure to include any flaws or damage in the photos. You want to make sure your customers know what they are getting. You don’t even need a professional camera since smart phones today take really great pictures. Taking pictures in natural lighting is always best but you can always purchase a photo box.
Shipping and handling: Determine the shipping and handling logistics before listing your item for sale. Most online marketplaces will have a process where you can purchase the label through them at commercial postage prices. You will want to make sure to factor in the cost of shipping and handling when pricing your item.
Keeping An Inventory System
After listing your items, you will need to have an inventory system to stay organized. You don’t want to sell an item and have no idea where it is. A lot of resellers use bins to organize their inventory. It allows the items to stay organized and in good condition while waiting to be sold. You can label the bins with different categories or have a letter or number inventory system.
Final Thoughts on Making Money With Reselling
Reselling is a great way to make some extra cash fast. By buying products at a low price and selling them for a higher price, people reselling items can be very successful at making money and even build a successful reselling business for themselves.
With the tips and tricks outlined in this post, you can start your journey making money with reselling and turn a profit in no time.
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